The investor, known as “VIX Elephant”, has been clinging on to a wager that the Cboe Volatility Index, or VIX, would climb to levels not seen in the last couple years.

He initiated the bet on July 21 of last year, despite the VIX consistently trading near record lows at a reading of around 10 or below. The wager has even involved four rollovers: September 25, December 1, January 11 and February 2. Joe Ciolli has a detailed breakdown at Business Insider Prime.

But it appears it is paying off in a big way with the VIX spiking at 37 after the Dow Jones recorded its biggest points drop of all time.

It’s a massive comeback for the Elephant, who has now made money, according Macro Risk Advisors.

But the bet is still short of the trade’s full upside potential of $262.5 million, if it all goes to plan. See the breakdown of the trade here.